We’ll be back tomorrow with more updates. Until then, here’s a rundown of what’s happened in the last 24 hours…
US and Ukraine sign natural resources deal
In the last few moments we had confirmation from the US Treasury that a minerals deal has been signed with Ukraine.
Specific details still remain unclear, but the Treasury said the agreement establishes a US-Ukraine reconstruction investment fund.
It also added that the agreement signals to Russia that the Trump administration is committed to a peace process centred on a free, sovereign and prosperous Ukraine.
US economy shrinks – as Trump blames Biden
After soaking up the party atmosphere at last night’s Michigan rally marking his first 100 days back in the White House, Donald Trump was brought back down to earth abruptly on day 101.
That was thanks to the release of the first US economic growth figures covering Trump 2.0. It showed the world’s largest economy contracted during the first three months of the year.
Economists had largely expected growth of 0.3%, but instead the economy shrank at an annualised rate of 0.3% between January and March, its worst performance for three years.
Trump was quick to blame predecessor Joe Biden, claiming he “inherited a mess” and that his administration has brought in investment worth $8trn.
In response, former Biden spokesman Andrew Bates said Trump was handed “the best-performing economy in the world” by Biden, but now the US is”plummeting toward a Trumpcession”.
Trump claimed the economic dip had “nothing to do with” his tariff policies, urging patience for what he said would be a “boom” that was “like no other”.
But many economists say that his massive import taxes – and the erratic way he has rolled them out – have hurt growth and will do again in the second half of the year, and that recession risks are rising.
In other news:
- Trump believes a deal will be made with China, who he claims are doing “very poorly” and that factories are closing “all over… because we’re not taking their product”;
- The US president also told Elon Musk that he can stay in his government role slashing federal spending for “as long as you want”, while joking the Tesla owner wants to get “back to his cars”;
- Trump said he’ll have a “great relationship” with Mark Carney after his Liberal Party won Canada’s election, revealing Carney called him yesterday and said “let’s make a deal”;
- More than 40,000 people have signed a petition calling for Trump to be barred from addressing the UK parliament on his state visit.
Watch: Trump claims China ‘is doing very poorly’
